UniCredit
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The power of central bank buying and fund redemptions are evident this week in the European investment grade corporate bond market, where issuers have been squeezed into a narrow range of maturities as they search for cash. -
The euro market for SSAs has returned to life in impressive style, but borrowers outside the ECB’s asset purchase programme are meeting with a chillier reception than their European counterparts.
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Airbus, the European aircraft manufacturer, opened books for a three tranche bond issue on Tuesday, just over a week after raising €15bn from banks, on the assumption, its CFO said then, that there would be "no issuance in capital markets, such as commercial paper".
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Market participants are debating whether the risks to additional tier one coupons have risen or fallen after the European Central Bank urged banks not to pay equity dividends for at least six months.
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The Republic of Austria and the African Development Bank announced new bond transactions on Wednesday which will be used to provide emergency financing in response to the coronavirus outbreak.
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The Free State of Bavaria enjoyed a strong reception from investors as it returned to the capital markets on Monday for the first time since 2014 to fund a Covid-19 fiscal package by the Bavarian government.
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Germany's Covestro and the UK's 3i have both signed new revolving credit facilities with terms that were agreed before the Covid-19 pandemic sent markets plunging, but lenders said that new deals will have far higher margins.
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As the coronavirus pandemic threatens every facet of capital markets activity, trading floors and back offices have emptied in recent days, leading to questions about how efficiently business can be done from home and alternative sites, write Paola Aurisicchio, Jasper Cox, Jennifer Kang and Ross Lancaster.
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Members of the European Banking Federation have called on supervisory authorities for help through the ‘temporary struggle’ of the Covid-19 pandemic, asking them for looser capital and liquidity requirements and special treatment of lending impacted by the virus.
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Market participants are calling on European financial authorities to help banks deal with the impact of Covid-19. Forbearance could come in the shape of state guarantees or in the form of the relaxation of certain elements of bank capital requirements.
